For 2025, married couples over 65 filing jointly will also see a modest benefit. The extra deduction per qualifying spouse ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Lea Uradu, J.D., is a Maryland state ...

The standard deduction is set to climb again for the 2025 tax year, with married couples filing jointly able to shield ...

Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household) ...

The standard deduction is rising in 2026 by $350, or $700 for couples. The tax brackets are changing slightly as well. Assuming the same income, your tax bill could go down slightly for 2026. The ...

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Question: Is it worth going through the effort of adding up all my out-of-pocket medical expenses, charitable contributions and other items or should I just take the standard deduction for 2024?

Starting in 2026, the new deduction will enable the estimated 90% of household using standard deductions to get a deduction ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing ...